Alleged Ponzi Scheme Grows
Word came this morning, via various media reports, that a number of rather recognizable names are caught up a ponzi scheme allegedly perpetrated by investor Bernard Madoff.
The names include: Nobel laureate Elie Wiesel, real estate investor/media magnate Mort Zuckerman and Sen. Frank Lautenberg (D-N.J.), the Wall Street Journal reports today.
Madoff for years showered his investors with 10-percent returns, even in down markets. But as the Post reported this weekend: "The SEC charged in its complaint that the returns were artificial. Madoff at some point started paying investors with money received from other investors, a Ponzi scheme, according to the SEC."
The Post is aggressively following this story and would like to hear from people who may be victims. Drop me a line at rosenwaldm@washpost.com.
-- Michael S. Rosenwald
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Michael S. Rosenwald
|
December 15, 2008; 11:10 AM ET
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Posted by: spidey103 | December 15, 2008 12:05 PM | Report abuse
My my! What has the world come to!....
This Madoff guy is heartless and inhuman. Instead of ripping the average Joe of his miserable bucks, like any Lehman Bros through a morgatge, he on the contrary, frustrates poor billionaires like Lautenberg or Zukerman of their good money, and makes fun of them, through the good old Ponzi trick.
Yes, the worn out con job is still working. Mostly among the sophisticated indecently rich elite.
I thought Elie Wiesel was a wise man, but he seems to have fallen for it too. Like all the other suckers.Live and learn!
"A Big Lie" said Madoff to his two sons. And for the first time in decades he wasn't lying.
This is so fantastic. All these Masters of the Universe so rich and still wanting the usual 10 to 12 percent a year, for the tons of billions they already have.
There must be a moral to this story, that should be taught to all the kids in the U.S.
Posted by: boubker3 | December 15, 2008 12:23 PM | Report abuse
The biggest Ponzi scheme in the USA?
...it's called "The American Dream"
Posted by: jfern03 | December 15, 2008 12:52 PM | Report abuse
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If Madoff is guilty of anything so are about a thousand other guys on Wall Street. How do they decide who gets arrested and who gets a bailout?